Short Sales in Bozeman
-Distressed Sales: Distressed sales have an urgency connected to them due to negative circumstances for the seller. They can be a good value, but can also be neglected for the same reasons and need quite a bit of TLC . These can be short sales, but may just be priced very competitively for a quick sale.
-Short Sales: When more is owed against the property than the current market value, the lender may choose to accept less than is owed to release the mortgage and help the current owner sell during times of financial hardship for the seller. The lender/bank makes the decision that selling real estate for a loss is more beneficial than pressing the borrower to pay their mortgage, but also gets to approve the sales price. This process can test the patience of a buyer, as they typically take 30 to 90 days for bank approval the buyer sits, unsure of whether or not their offer is sufficient for the bank to decide positively.
-Foreclosure: A legal process in which the owner of a property has their ownership terminated due to failure to keep up on mortgage payments. These homes are typically sold in "as-is" condition and the buyer has a very limited time after the offer is accepted to perform property inspections. Banks are somewhat negotiable in price, but have already done enough market research that they are typically priced competively and sell in a short period of time with little room for negotiating. Consult with your local Realtor for negotiating tips when buying a bank owned property.
Specail listings like these take an agent with patience and knowledge lead you through the process. If you are interested, our realtors are willing to educate, explain, and help you purchase your dream home. Call me at 406.209.0022, email me, or see other Bozeman Montana Listings!